SINGAPORE: CBOT March corn is expected to rebound further to $6.18 per bushel, as the gain on Thursday indicates the preceding drop has been overdone.
A Fibonacci retracement on the fall from $6.59-1/2 to $5.92-1/2 reveals the break above a resistance at $6.08-1/4, the 23.6 percent level, clearing the barrier towards $6.18, the 38.2 percent level.
Retracement is expected to be shallow, limited to $6.06, but a further decline to $6.01 will neutralize the signals.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
Comments
Comments are closed for this article.